IBM

Information Technology IT Consulting & Other Services Armonk, New York Last filing Feb 24, 2026 · FY2025

                    Revenue
                    FY2025
                
$67.5B
                    3y CAGR +3.7%
                    
                    P40
                    
                    +7.6%
                    
                    Net income
                    FY2025
                
$10.6B
                    Net margin +15.7%
                    
                    P43
                    
                    +75.9%
                    
                    Total assets
                    FY2025
                
$151.9B
                    ROA +7.0%
                    
                    P40
                    
                    +10.7%
                    
                    Operating cash flow
                    FY2025
                
$13.2B
                    FCF margin +17.9%
                    
                    P34
                    
                    -1.9%

19 yrs · FY2007–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 10 years

Total assets $151.9B

Total liabilities $119.1B

Shareholders equity $32.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	20.1%	22.2%	21.1%	13.0%	11.6%	23.9%	14.2%	14.3%	15.1%	9.8%
Accounts Receivable	12.0%	10.8%	11.7%	10.8%	11.8%	10.5%	13.6%	9.3%	11.3%	11.5%
Inventory	1.8%	2.1%	1.9%	2.6%	2.9%	3.3%	2.8%	2.1%	2.0%	1.9%
Prepaid Expenses	3.7%	4.0%	4.3%	4.3%	6.0%	3.8%	3.6%	3.0%	2.4%	5.7%
Other Current Assets	17.0%	15.8%	14.3%	17.4%	19.2%	29.5%	31.1%	32.2%	31.3%	25.1%
Total Current Assets	54.7%	54.9%	53.2%	48.1%	51.5%	71.0%	66.6%	61.7%	62.8%	54.9%
Property,Plant and Equipment	8.7%	9.1%	8.9%	8.8%	9.9%	11.2%	17.3%	13.6%	14.0%	13.6%
Operating Lease Assets	4.6%	5.1%	5.2%	4.8%	5.6%	6.5%	8.7%	6.0%	—	—
Goodwill	100.3%	96.7%	97.3%	92.4%	97.0%	97.4%	100.9%	45.6%	46.5%	45.3%
Intangible Assets	16.9%	17.0%	17.8%	18.5%	21.8%	24.9%	26.4%	3.9%	4.7%	5.9%
Deferred Tax Assets	12.7%	11.1%	10.8%	10.3%	12.9%	15.2%	9.0%	6.6%	6.1%	6.5%
Other Noncurrent Assets	26.9%	24.6%	25.4%	27.3%	31.4%	56.4%	34.9%	23.7%	24.1%	20.8%
Total Assets	224.9%	218.6%	218.6%	210.2%	230.2%	282.7%	263.7%	155.0%	158.4%	147.0%
Liabilities
Accounts Payable	7.0%	6.4%	6.7%	6.7%	6.9%	7.3%	8.5%	8.2%	8.2%	7.8%
Accrued Liabilities	15.7%	14.9%	15.0%	16.2%	16.4%	21.5%	18.4%	12.9%	15.6%	14.4%
Deferred Revenue	23.8%	22.2%	21.7%	19.9%	21.8%	21.7%	20.8%	14.0%	14.6%	13.8%
Current Portion of Long Term Debt	9.5%	8.1%	10.4%	7.9%	11.8%	12.9%	15.2%	12.8%	8.8%	9.4%
Operating Lease Liabilities	1.2%	1.2%	1.3%	1.4%	1.7%	1.9%	2.4%	—	—	—
Total Current Liabilities	57.2%	52.8%	55.2%	52.0%	58.6%	72.3%	65.3%	48.0%	47.2%	45.4%
Long Term Debt	81.2%	79.5%	81.0%	76.3%	78.3%	98.3%	93.7%	44.7%	50.3%	43.4%
Deferred Revenue Noncurrent	6.3%	5.8%	5.7%	5.8%	6.2%	6.8%	6.7%	4.3%	4.7%	4.5%
Operating Lease Liabilities Noncurrent	3.8%	4.2%	4.2%	3.6%	4.3%	4.9%	6.7%	—	—	—
Other Noncurrent Liabilities	27.9%	32.6%	36.0%	36.1%	49.6%	62.9%	54.9%	36.7%	33.7%	30.7%
Total Liabilities	176.4%	174.9%	182.1%	173.8%	197.0%	245.1%	227.3%	133.7%	136.0%	124.0%
Equity
Common Stock	93.8%	97.8%	96.4%	96.4%	99.9%	102.5%	96.8%	69.3%	68.9%	67.5%
Retained Earnings	230.5%	240.9%	244.5%	247.5%	268.9%	294.9%	282.3%	200.0%	193.5%	191.1%
Treasury Stock	252.6%	270.9%	274.2%	280.0%	295.4%	306.9%	293.5%	211.2%	206.6%	199.0%
Accumulated Other Comprehensive Income	-23.3%	-24.3%	-30.3%	-27.7%	-40.5%	-53.2%	-49.5%	-37.1%	-33.6%	-36.8%
Total Stockholders Equity	48.3%	43.5%	36.4%	36.3%	33.0%	37.3%	36.1%	21.1%	22.2%	22.8%
Noncontrolling Interest	0.1%	0.1%	0.1%	0.1%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%
Total Liabilitiesand Equity	224.9%	218.6%	218.6%	210.2%	230.2%	282.7%	263.7%	155.0%	158.4%	147.0%

Income Statement

Revenue, expense, and profitability

15 accounts · 10 years

Revenue $67.5B

Operating income Not reported

Net income $10.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	41.8%	43.3%	44.6%	46.0%	45.1%	44.1%	45.4%	53.6%	53.3%	51.8%
Other Income Expense Gross Profit	58.2%	56.7%	55.4%	54.0%	54.9%	55.9%	54.6%	46.4%	46.7%	48.2%
Expenses Research and Development	12.3%	11.9%	11.0%	10.8%	11.3%	11.3%	10.2%	6.8%	7.1%	7.2%
Expenses Selling,General and Administrative	29.8%	31.4%	30.7%	30.7%	32.7%	37.3%	32.4%	24.3%	24.9%	26.1%
Other Income Expense Interest Expense	2.9%	2.7%	2.6%	2.0%	2.0%	2.3%	2.3%	0.9%	0.8%	0.8%
Other Income Expense Other Income/expense	2.1%	-1.4%	2.9%	-8.5%	-0.5%	-0.3%	2.9%	-0.2%	0.4%	1.3%
Other Income Expense Income Before Tax	15.3%	9.2%	14.0%	1.9%	8.4%	4.7%	12.5%	14.3%	14.4%	15.4%
Income Tax Income Tax Expense	-0.4%	-0.3%	1.9%	-1.0%	0.2%	-2.5%	0.1%	3.3%	7.1%	0.6%
net Income Other Items Below Tax	0.0%	0.0%	-0.0%	-0.2%	1.8%	3.0%	4.0%	0.0%	-0.0%	-0.0%
net Income net Income	15.7%	9.6%	12.1%	2.7%	10.0%	10.1%	16.3%	11.0%	7.3%	14.9%
net Income Comprehensive Income	15.0%	15.2%	8.9%	13.4%	18.5%	8.8%	17.9%	10.4%	10.8%	15.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	1.4%	1.5%	1.5%	1.5%	1.6%	1.6%	1.5%	1.2%	1.2%	1.2%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 10 years

Operating cash flow $13.2B

Investing cash flow $-10.3B

Financing cash flow $-3.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	15.7%	9.6%	12.1%	2.7%	10.0%	10.1%	16.3%	11.0%	7.3%	14.9%
Operating Activities Depreciation and Amortization	7.4%	7.4%	7.1%	7.9%	11.2%	12.1%	10.5%	5.6%	5.7%	1.9%
Operating Activities Stock Based Compensation	2.5%	2.1%	1.8%	1.6%	1.7%	1.7%	1.2%	0.6%	0.7%	0.7%
Operating Activities Deferred Income Taxes	-1.4%	-3.7%	-1.8%	-4.5%	-3.5%	-5.8%	-2.6%	1.1%	-1.2%	-1.4%
Operating Activities Changes In Operating Assets and Liabilities	-4.6%	2.1%	3.5%	0.3%	3.1%	14.9%	2.1%	0.7%	8.6%	1.7%
Operating Activities Other Non Cash Items	-0.1%	3.9%	-0.3%	9.1%	-0.2%	-0.1%	-1.9%	0.2%	0.0%	0.1%
Operating Activities net Cash From Operating Activities	19.5%	21.4%	22.5%	17.2%	22.3%	33.0%	25.6%	19.2%	21.1%	21.4%
Investing Activities Capital Expenditures	-1.6%	-1.7%	-2.0%	-2.2%	-3.6%	-4.7%	-4.0%	-4.3%	-4.1%	-4.5%
Investing Activities Business Acquisitions	-12.3%	-5.2%	-8.2%	-3.9%	-5.7%	-0.6%	-56.5%	-0.2%	-0.6%	-7.1%
Investing Activities Purchases of Investments	-14.9%	-12.4%	-18.0%	-9.8%	-6.2%	-11.3%	-6.4%	-8.8%	-6.3%	-7.3%
Investing Activities Proceeds From Sale of Investments	14.4%	10.4%	17.2%	7.7%	5.5%	10.2%	6.9%	8.2%	4.9%	7.1%
Investing Activities Other Investing Activities	-0.8%	1.0%	-0.4%	1.3%	-0.4%	1.0%	13.4%	-1.0%	-2.9%	-1.9%
Investing Activities net Cash From Investing Activities	-15.3%	-7.9%	-11.4%	-6.9%	-10.4%	-5.5%	-46.7%	-6.2%	-8.9%	-13.7%
Financing Activities Proceeds From Debt	12.4%	9.1%	15.5%	12.9%	0.9%	19.0%	55.1%	8.7%	12.2%	11.4%
Financing Activities Repayment of Debt	-8.2%	-10.5%	-8.2%	-10.9%	-15.1%	-25.8%	-26.9%	-9.0%	-7.8%	-8.0%
Financing Activities Dividends Paid	-9.3%	-9.8%	-9.8%	-9.8%	-10.2%	-10.5%	-9.9%	-7.1%	-7.0%	-6.6%
Financing Activities Proceeds From Stock Issuance	1.1%	1.2%	0.7%	0.5%	—	—	—	—	—	—
Financing Activities Tax Withholding On Stock Based Compensation	-1.5%	-1.0%	-0.6%	-0.7%	-0.6%	-0.5%	-0.5%	-0.2%	-0.2%	-0.2%
Financing Activities Other Financing Activities	-0.2%	-0.2%	-0.4%	-0.2%	1.7%	0.2%	0.2%	0.1%	0.2%	0.3%
Financing Activities net Cash From Financing Activities	-5.7%	-11.3%	-2.9%	-8.2%	-23.3%	-17.6%	15.7%	-13.2%	-8.1%	-7.4%
Cash Reconciliation Effect of Exchange Rate On Cash	0.6%	-0.6%	0.0%	-0.4%	-0.3%	-0.2%	-0.3%	-0.6%	1.2%	-0.1%
Cash Reconciliation net Change In Cash	-0.8%	1.7%	8.2%	1.7%	-11.7%	9.7%	-5.7%	-0.8%	5.3%	0.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+58.2%	+56.7%	+55.4%	+54.0%	+54.9%	+55.9%	+54.6%	+46.4%	+46.7%	+48.2%
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	+15.7%	+9.6%	+12.1%	+2.7%	+10.0%	+10.1%	+16.3%	+11.0%	+7.3%	+14.9%
FCF margin	+17.9%	+19.8%	+20.5%	+15.0%	+18.7%	+28.2%	+21.6%	+14.9%	+17.1%	+16.9%
Growth
Revenue CAGR (3y)	+3.7%	+3.0%	+3.9%	+1.6%	-10.3%	-11.3%	-10.3%	-0.9%	-5.2%	-6.7%
Returns
ROE	+32.4%	+22.1%	+33.3%	+7.5%	+30.4%	+27.1%	+45.3%	+52.0%	+32.7%	+65.1%
ROA	+7.0%	+4.4%	+5.5%	+1.3%	+4.4%	+3.6%	+6.2%	+7.1%	+4.6%	+10.1%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	0.96x	1.04x	0.96x	0.92x	0.88x	0.98x	1.02x	1.29x	1.33x	1.21x
Quick ratio	0.56x	0.63x	0.59x	0.46x	0.40x	0.48x	0.43x	0.49x	0.56x	0.47x
Leverage
D/E	3.65x	4.02x	5.00x	4.80x	5.98x	6.57x	6.30x	6.34x	6.12x	5.43x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.44x	0.46x	0.46x	0.48x	0.43x	0.35x	0.38x	0.65x	0.63x	0.68x
Cash conversion cycle	-2d	+3d	+3d	+7d	+10d	+5d	+4d	-8d	-1d	+1d

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